Steemit Crypto Academy Contest / S1W1 - Favorite Blockchain Network by @bolaji001

Good day everyone, I am @bolaji001, I will be participating in the steemit crypto academy challenge season one and I will be writing on my Favorite blockchain Network..

Tell us about your favorite Blockchain network, its history, and why it's your favorite..

INTRODUCTION

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I welcome you all to my first post in compliance with the steemit crypto academy challenge season one, I will like to talk about my favorite blockchain though, we have so many blockchain built after Bitcoin the mother of all. I will be laying emphasis on CARDANO blockchain and its native cryptocurrency, ADA.

HISTORY OF CARADANO BLOCKCHAIN.

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Cardano blockchain was launched in 2017 by Charles Hoskinson a co-founder of Ethereum and ever since then, it is most often regarded as a third-generation cryptocurrency that is been built on the work of both Bitcoin and Ethereum with the objectives of becoming more secured, scalable and decentralized.

Hoskinson left Ethereum due to a dispute between him and one of its co-founders, Vitalik Buterin; Hoskinson had the plan to accept venture capital and also create a for-profit entity, while vitalik Buterin had plans of keeping the blockchain running as a nonprofit organization. After he left, he came up with IOHK, which is a blockchain-engineering company, with the primary aim of developing Cardano blockchain.

Ever since CARDANO blockchain has been doing tremendously well and it has gained a lot of popularity since the lunching of the blockchain. Its breakthrough came as a result of brilliant work of its developer to fill up the left-over space of Bitcoin and Ethereum blockchain. Some attributes have also added to the success of the blockchain.

WHY CARADANO IS MY FAVORITE

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• Cardano blockchain is very efficient and this is has contributed to the consensus mechanism Proof of Stake used by the platform. These characteristics brought about the use of its native currency ADA.

• Cardano blockchain is user friendly and it can process a huge number of transactions which means it is scalable and this also brings about the wide use of its native token by different users.

• The blockchain also has a wide range of uses which enable many their coin is many in-built on it and it has found various applications in different sectors like, health, education and agricultural sector.

• Cardano blockchain is a decentralized blockchain which enables user to have free and fair transaction without any intermediary and the blockchain is very secure from scammers that can have access to user's private keys.

• So many coins are built on the blockchain, these has brought much popularity to the blockchain where by investors are will to invest more on the blockchain.

Does the network has some earliest shortcomings and how has the network's team taken care of the problem?

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Cardano being a third-generation, decentralized proof-of-stake (PoS) blockchain platform which is built to be a more efficient substitute to proof-of-work (PoW) networks, have faced problems relating to:

1. Scalability
2. Interoperability
3. Sustainability

1. Scalability: which refers to the slowing down of networks and elevated fees due to increase in the volume of transactions. Cardano’s algorithm, Ouroboros has been put forward as a potential solution to its scaling related problems. Ouroboros makes use of a Proof of Stake (PoS) strategy to save on energy expenses and enable faster transaction processing. Instead of having a copy of individual blockchains on every node (as it is common in BTC), Cardano’s blockchain network narrows down the number of nodes in a network by designating a leader who will be responsible for authenticating and validating transactions from a collection of nodes. Afterwards, the leader node deploys transactions to the main network.

Cardano has also adopted Recursive Internetworked Architecture (RINA) to help scale its network. This network structure was first built by John Day and allows customized increments to heterogenous networks.

2.Interoperability: which relates to the portability of a cryptocurrency within its natural environment and in its interface with the global finance ecosystem. As at the time of writing, there is no way to carry out cross-chain transactions between cryptocurrencies and the global finance ecosystem. Unreliable exchanges i.e those with high potential to crash, or charge unreasonably high fees, are the only intermediaries.

Cardano aims to allow cross-chain transactions through side chains, which conduct transfers between two parties off chain. Cardano is also taking a look at ways for individuals and institutions to selectively disclose metadata related to transfers and identities to allow the use of cryptocurrencies for daily transactions and trading.

3.Sustainability: which is about governance system that provide incentives to miners and other stakeholders and also about developing a self-sustaining economic structure for the cryptocurrency. In addition to this, it aims to create what its creators describe as a "constitution" of protocols to escape messy hard forks (like the ones that occurred in BTC and Ethereum).

In the future, Cardano will have protocols hard coded into their blockchains and apps using the protocol, such as wallets and online exchanges, will automatically check for agreement as the applications are being developed. This automation could also reduce the time required to discuss and implement forks.

What changes do you think would make the network better?.

Cardano blockchain is still a bit young blockchain and before it can be fully celebrated it has to overcome some short comings.
I personally noticed some little short comings in the Cardano blockchain and I will recommend a little advice on how to overcome them.

I will like to recommend that Cardano blockchain improve on its voting mechanism so that token holders will be able to vote on the future of the blockchain. In addition to these Cardano blockchain can improve its library.

I will also like to recommend that Cardano blockchain adopt smart contract system, where by smart contract will be able to operate fully on its blockchain, by so doing Cardano blockchain will be able to overtake Ethereum blockchain and some other blockchain supporting Smart contract.

Write about a project that is built on top of your favorite blockchain.

We have so many tokens built on Cardano blockchain but I decided to choose a particular one because of its attributes and importance to the cryptocurrency world.
I will be emphasising on Ridotto token and I will like to talk briefly on the history of this token, Ridotto was created late last year September 2021 and ever since it has been doing tremendously well and one of the reasons why this token is successful is because it was built on a good blockchain.

This token is currently ranked number 5633 with a current price of $0.06249, Ridotto token. Ridotto token is a cross-chain gambling and lottery protocol based on transparency, security, and fairness. This token has provided an open protocol which enables users to play and build casino games. Ridotto’s goal is to offer a fully scalable alternative to centralized online gambling which is a decentralized gambling ecosystem.

Ridotto can be swapped and purchase on uniswap and pancakeswap, these two markets are already gaining popularity and by so doing it will have a great impact on tokens traded on them.

CONCLUSION

Finally, I will like to recommend Cardano blockchain for investors because of its amazing features. I personally have been investing on Cardano tokens because I know maximum Profit is assured. Thank you so much for reading.